Ottawa resale market proves strong in first half of 2017
Members of the Ottawa Real Estate Board (OREB) sold 2,162 residential properties in June 2017 compared with 1,985 in June 2016, an increase of 8.9 percent.
“We’re having a stellar year so far in 2017. Year-to-date sales numbers for the first half of the year are up in both the residential and condo property classes, combined coming in at a 13.5 percent increase over the same time period in 2016,” said OREB’s President. “Average sale price in both the residential and condo class is up in the first half of 2017 compared to last year, although not a significant amount.”
“Listings and inventory levels continue to trend downwards, and REALTORS® report an increase in multiple offers on properties in some pockets around the city,” OREB’s President went on to explain. “While some areas within the Ottawa market are very active in sales, there are other areas of the city that remain very balanced and steady.”
June’s sales included 408 in the condominium property class and 1,754 in the residential property class. The average sale price of a residential-class property sold in June in the Ottawa area was $434,502, an increase of 8.8 percent over June 2016. The average sale price for a condominium-class property was $289,905, an increase of 9.4 percent over June 2016.
“Since the announcement in April by the Ontario Liberal government of cooling measures in Toronto, it’s no surprise that the Ottawa market has been thriving. Not only is Ottawa an affordable place to live, it’s also very desirable,” added OREB’s President. “We have a great mix of city life and rural expanses. It’s no wonder MoneySense just named Ottawa as Canada’s best place to live in 2017.”